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Nubeva Technologies Ltd
Symbol NBVA
Shares Issued 60,948,219
Close 2021-05-12 C$ 1.03
Recent Sedar Documents

Nubeva talks recent developments

2021-05-12 10:04 ET - News Release

Ms. Juliet Jones reports

NUBEVA PROVIDES CORPORATE UPDATE

Nubeva Technologies Ltd. has provided corporate updates from the chief executive officer, Randy Chou.

"Over the past 18 months, Nubeva has achieved foundational milestones that, together with industry developments, put us in an excellent position for growth and profitability," said Mr. Chou. "In this time, we have launched our award-winning TLS decryption product line, Nubeva SKI (session key intercept). Our company's dedicated focus on this product suite has established solid traction as an OEM sale to cybersecurity and application monitoring solution providers."

In summary of the sale progression:

  • In June, 2020, Nubeva closed its first original equipment manufacturer licence contract, a seven-figure, multiyear agreement with one of the world's top 10 cybersecurity companies.
  • Since that time, the company has closed numerous contracts, partnerships and integrations, some announced, including Riverbed, Empirix and Megazone Cloud, and several others not disclosed due to contract terms.
  • Additionally, the company expanded its support for comprehensive monitoring across AWS (Amazon Web Services), as well as Azure (Microsoft Cloud), GCP (Google Cloud Platform) and private environments.
  • Its customers are reporting high satisfaction with its technology, its implementation and Nubeva's support services.
  • Its pipeline has significantly grown in both deal quantity and size, over three times in the last 12 months.
  • In the last quarter, ending April 30, 2021, the company has seen an unsolicited uptick in referral and organic inbound interest. It has had multiple Fortune 500-class organizations come to it to explore and understand its technology. Activity is accelerating from early prospect engagement to technical evaluations and deep proof of concepts.

"We believe our product and our market is being increasingly validated," Mr. Chou continued. "From our customers, prospects and advisers, we continue to confirm that there is a significant, growing and essential market opportunity that we are well positioned to pursue."

Specifically:

  • Over 85 per cent of traffic is now encrypted using TLS (formerly SSL). Malware hiding in this encrypted traffic has doubled since 2020. As the scale and frequency of cyber attacks continue to swell, the need for decrypted network inspection is more important than ever before for cybersecurity and application assurance reasons.
  • Network/cloud evolution, 5G and Internet of things are accelerating disruptions and adding massive volumes of traffic, which come with significant scaling and monitoring challenges. Legacy solutions have substantial and growing capability gaps, as well as performance and cost inhibitors.
  • Solution providers and enterprises are searching for an alternative to answer the market evolution. Nubeva SKI is a relevant, compelling and viable new solution with the potential to become the defacto standard for decryption.

"Looking forward to fiscal 2022 and beyond, we believe market conditions have come together for Nubeva going forward. From global events to rising cyber crime, to reliance on network-delivered software, to changes in encryption standards, computing and architecture, and the never-ending drive for simplicity and cost reduction, it appears that Nubeva has the right product, for the right time, in the right market."

Further:

  • Nubeva's ultimate potential is to have Nubeva technology on millions and millions of application servers, clouds, desktops, IoT devices, data centres, private and public clouds, and inside 5G infrastructure to enable the next-generation, mission-critical cybersecurity and application assurance.
  • In the coming year, the company will continue to iterate and mature its selling model. The company believes the combination of market forces and competitive momentum generated from each win will push the company through typical disruptor challenges of status-quo thinking, product planning cycles, product strategy and budgets.
  • The company has developed an extremely scalable business model with projected margins in the 90-per-cent range, which puts positive net cash flow squarely in its line of sight. As the company grows, quarter-to-quarter revenue consistency will improve and become more predictable.
  • As its product is more broadly adopted in the industry, the company is optimistic that more of its customers will allow the company to announce its contracts, which is a significant hurdle for OEM relationships to begin with, especially in cybersecurity.

"The purpose of this corporate update is to communicate that we believe our business is very strong. Our market has a vast need and we believe we are at the precipice of a market breakthrough. Our product is a strong candidate to become the industry's next-generation solution," concluded Mr. Chou. "I would like to extend my sincere gratitude to Nubeva's talented employees, strategic partners, and patient and new investors, who have supported Nubeva. We are excited to see what F2022 brings."

About Nubeva Technologies Ltd.

Nubeva develops and licenses proprietary software for the decryption of network traffic. Nubeva's next-generation SKI (session key intercept) technology represents a better, faster, easier and lower-cost alternative to legacy decryption. Its solution provides a complete option for manufacturers, integrators and managed services providers of cybersecurity and application assurance solutions. Today, nearly all network traffic uses TLS (formerly SSL) for security and privacy. Yet, enterprises still must see the data in motion to detect and respond to cybersecurity threats and application performance issues. With constant evolution in TLS protocols, and the advancements in application, network and computing architectures, gaps continue to grow in the legacy decryption methods. Nubeva's SKI technology represents the next-generation solution for the industry moving forward.

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